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Brokerage firm accused of fraud

The Man Group's US brokerage firm and seven of its employees were accused of fraud and racketeering on Monday by a court-appointed receiver seeking to recoup investor assets lost in the collapse of a Philadelphia hedge fund.

Man Financial was a broker for Philadelphia Alternative Asset Management, which collapsed last year after the Commodity Futures Trading Commission claimed it had concealed more than $140m (â‚¬110m) in trading losses.

Man Financial is accused of violating the Commodity Exchange Act and the Racketeer Influenced and Corrupt Organizations Act, or RICO, by allowing the fund to hide its losses in a brokerage account.